Ukrzaliznytsia CEO Wojciech Balczun resigns, Ukraine prime minister announces

2017/8/9 23:18:31

Analyst: “For most of his one-year tenure as CEO, Balczun tried to optimize the company’s procurement policy, inevitably earning him a lot of enemies.

 


KYIV, Aug 9, 2017 - Wojciech Balczun, the CEO of Ukrainian state railway operator Ukrzaliznytsia (RAILUA), submitted a resignation request that was reviewed at the Aug. 9 Cabinet meeting, Concorde Capital told clients, based on statement by Ukrainian PM Volodymyr Groysman said. “That is his decision and I respect it,” Groysman said, adding that it was motivated by personal reasons. He said he expects that Balczun will become an advisor to the new CEO. The Cabinet will appoint Yevhen Kravtsov, the deputy infrastructure minister, as the temporary acting CEO until the new CEO will be selected in a competitive selection process, Groysman said.

 

Concorde analyst Alexander Paraschiy added: “With Balczun, an acclaimed manager of Polish origin, Ukrzaliznytsia got a fresh chance to reform itself and change its business and marketing strategy for the better. Therefore, his resignation - after just a year and three months - will likely be treated negatively by RAILUA investors. We still expect that his replacement will be selected in an open competitive process (just as Balczun was) and will enjoy the same good image internationally (as Balczun did).

 

For most of his one-year tenure as CEO, Balczun tried to optimize the company’s procurement policy, inevitably earning him a lot of enemies. The most apparent conflict was with Infrastructure Minister Volodymyr Omelyan, who mentioned the need to replace Balczun in nearly all of his speeches in the last couple of months.

 

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For more information, link here: www.concorde.ua 

 

 

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